In the fourth quarter of 2023, the US economy saw an upward revision, with Gross Domestic Product (GDP) revised up to an annual rate of 3.4%. This increase was driven by a number of factors, including consumer spending increases, government spending, exports, and fixed investments.

Personal income also saw gains in the fourth quarter, increasing by $230.2 billion and causing personal savings to grow by $6.3 billion to $815.5 billion. The saving rate climbed to 4.0%, reflecting positive trends in personal income and savings.

Looking at the year as a whole, real gross output increased by 2.1%, with private goods-producing industries up by 2% and private services-producing industries up by 2.1%. Government output also saw an increase of 2.2%. Prices also rose, with the price index for gross domestic purchases up by 1.9% and personal consumption expenditures increasing by 1.8%.

The PCE index excluding food and energy saw an increase of 2.0%, reflecting overall positive trends in the economy for the fourth quarter of 2023.